seeing how russia behaves now, they may think differently. at what point do you begin to worry about the deflationary impact of a weakening euro? >> i am not too worried about because we have seen in the whole field of central and also macroeconomic policy in europe so that people are becoming more flexible. there is the adherence to the withmental principles fiscal discipline, stable butency, structural reform, should there be really a deflation, a danger in europe, i think the instruments will be also for thet and political authorities of europe to become for a while a little less reliant on their policies. instruments as far as the ecb is concerned might be quantitative easing. should mario draghi be pursuing quantitative easing, and if so, how aggressively? >> he knows, he knows. draghi has shown a very practicality, and i have no doubt that mario draghi is a european central banker but also works with the american culture. >> should he be doing it now? >> probably not yet. >> and why not? the risk reward balance is not quite right yet? >